1. First Quarter 2012 Capital Markets Outlook Volatility Trumps Returns The information herein reflects prevailing market conditions and our judgments, which are subject to change, as of the date of this document. In preparing this document, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources. Opinions and estimates may be changed without notice and involve a number of assumptions that may not prove valid. There is no guarantee that any forecasts or opinions in this material will be realized. Information should not be construed as investment advice. Investment Products Offered:  Are Not FDIC Insured  May Lose Value  Are Not Bank Guaranteed

2. AllianceBernstein.com 1 Bank of America Corporation (“Bank of America”) is a financial holding company that, through its subsidiaries and affiliated companies, provides banking and investment products and other financial services. Merrill Lynch, Pierce, Fenner & Smith Incorporated is a wholly-owned subsidiary of Bank of America Corporation, and a registered broker-dealer and member of FINRA and SIPC. Investment products provided by Merrill Lynch, Pierce, Fenner & Smith, Incorporated: The views and opinions expressed in this presentation are not necessarily those of Bank of America Corporation; Merrill Lynch, Pierce, Fenner & Smith Incorporated; or any affiliates. Nothing discussed or suggested in these materials should be construed as permission to supersede or circumvent any Bank of America, Merrill Lynch, Pierce, Fenner & Smith Incorporated policies, procedures, rules, and guidelines. Merrill Lynch, Pierce, Fenner & Smith Incorporated are not tax or legal advisors. Clients should consult a personal tax or legal advisor prior to making any tax or legal related investment decisions. Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value

3. AllianceBernstein.com Annualized Returns Since March 2009 Returns in USD Japan Gov’t Global High Yield US Gov’t Euro Gov’t EM Debt Global Corp EAFE* US Small Cap A Turbulent Year for Risk Assets Emerging Markets 2011 Returns Equities Credit Gov’t Bonds Commodities Alternatives Global REITs TIPs Municipals Past performance does not guarantee future results. As of December 31, 2011 *EAFE = Europe, Australasia, Far East Global High Yield, Global Corp, Japan Gov’t and Euro Gov’t in hedged USD terms. All other non-US returns in unhedged USD terms. Individuals cannot invest directly in an index. Please see the end of the presentation for index definitions. Source: Barclays Capital, DJ-UBS, FactSet, FTSE, MSCI, Standard & Poor’s and AllianceBernstein US Large Cap CATHY WILL PROVIDE DATA Through 12/31/11 2 4Q 2011 Returns

4. AllianceBernstein.com Equities Attractive, but Volatility Overwhelms Valuations Long-Term Expected Return (%) Near-Term Expected Global Equity Volatility (%) Asset Allocation Our View of Equity Allocation Long-Term 60/40 Investors Historical analysis and current forecasts do not guarantee future results. Data do not represent past performance and are not a promise of actual results or range of future results. Global sovereign bonds are represented by global, developed, sovereign, seven-year constant-maturity nominal bonds; global stocks by a universe similar to MSCI World. Both are reported in and hedged into US dollars. *Equity here refers to 70% US equity (MSCI USA) and 30% international equity (25% MSCI EAFE, 5% MSCI EM). **Represented by the MSCI All Country World Index. Individuals cannot invest directly in an index. Please see the end of the presentation for index definitions. Source: MSCI and AllianceBernstein Long-term Average 3 21.7 14.6 Normal 8.4 Equity Allocation (%) Global Stock Index 60 50 40 70

5. AllianceBernstein.com Risk Aversion Remains Highly Elevated Historical analysis does not guarantee future results. Through January 4, 2012 *Measures the degree of risk aversion by combining the implied volatility of equities, currencies, commodities and bonds with credit spreads and mutual fund flows. Source: Bloomberg, Investment Company Institute (ICI) and AllianceBernstein Global Risk Aversion Indicator* Risk Appetite Risk Aversion Russian Default and LTCM 9/11 Iraq Financial Crisis Today UPDATED Through 12/31/11 Received Data From Guoan Du 4

6. AllianceBernstein.com Uncertainties Drive Market Volatility 5 United States  Future tax policy  Deficit reduction  Health care Brazil & Argentina  Inflation vs. growth Arab World  Political transition Russia  Political uncertainty China  Growth  Housing  Credit Thailand & Japan  Natural disaster North Korea & Iran  Nuclear weapons Europe  Sovereign debt  Integration/separation  Inflation/deflation As of December 30, 2011 Source: AllianceBernstein

7. AllianceBernstein.com Eurozone Bond Markets Reflect a Crisis of Confidence Past performance and historical analysis do not guarantee future results. As of November 30, 2011 Source: Haver Analytics Sovereign 10-Year Bond Yields 6 14 Italy Spain Belgium France Germany Greece Portugal 35

8. AllianceBernstein.com Euro Area Sliding into Recession As of November 30, 2011 *Purchasing Managers Index (PMI): An indicator of the economic health of the manufacturing sector. It is based on five major indicators: new orders, inventory levels, production, supplier deliveries and the employment environment. **The Economic Sentiment Indicator is a composite of European Central Bank sector confidence indicators. † Standard Deviation shows how much variation or “ dispersion ” exists from the average. Source: Haver Analytics and Markit Euro-Area Composite PMI* and Economic SentimentManufacturing PMI Data Source: Dec 1st FI Forecast Package pgs 9 & 10 Standard Deviation † ESI** PMI Global ex Euro Area Euro Area Percent 7

9. AllianceBernstein.com World Economic Growth Forecast Percent Average Annual Rate Despite Euro Area Weakness, the Global Economic Recovery Continues Forecasts are subject to change. As of January 3, 2012 *Eastern Europe, Middle East and Africa (including Hungary, Poland, Turkey, Russia and South Africa). Note: Consensus estimates are based on the latest available survey from November 2011. Source: Consensus Economics and AllianceBernstein Asia ex Japan US Latin America EEMEA* Global Canada Japan UK Euro Area Asia ex Japan EEMEA* Latin America Global Canada US Euro Area UK Japan 20112012 AllianceBernstein Consensus UPDATED Data Source: Dec 1st FI Forecast Package 8

10. AllianceBernstein.com US Economy Defies Pessimism US Economy Surprises on the Upside Indicators Point to Growth Historical analysis does not guarantee future results. *Weighted historical standard deviation of data surprises. Data through December 23, 2011. **Data through November 2011 Source: Citigroup, The Conference Board, Haver Analytics and AllianceBernstein Index 9 Citigroup Economic Surprise Index* Leading Economic Indicators**

11. AllianceBernstein.com US Recovery Thus Far Has Been Driven by Exports and Capex* Historical analysis does not guarantee future results. *Capital Expenditure (Capex): Funds used by a company to acquire or upgrade physical assets such as property, industrial buildings or equipment. **Recessions since 1960 Source: Bureau of Economic Analysis and Haver Analytics …but Consumption Is the Largest Component 71% 13% 20% 14% -18% 100% 10 Components of 2010 Gross Domestic Product (GDP) Exports and Investment Growth Have Led Latest Recovery… Sum of Real GDP Contribution to GDP Growth (First 9 Quarters of Recovery) Consumption & Housing vs. Exports & Investment Personal Consumption Private Investment US Gov’t ExportsImportsGDP

12. AllianceBernstein.com Historical analysis does not guarantee future results. *Including Italy at 1.1%, Spain 0.8%, Ireland 0.6%, Greece 0.1% and Portugal 0.1% Source: Bureau of Economic Analysis and AllianceBernstein US Exports Continue to Grow Despite Slowdown in Europe US Real Exports by Quarter: Jan 2000–Sep 2011US Exports by Destination: 2010 US Exports by Product: 2010 11

13. AllianceBernstein.com US Capex Rising, Household Balance Sheets Stronger Capex Depreciation Percent US Household Financial Obligations Ratio** Historical analysis does not guarantee future results. *Through December 31, 2010 (latest available) **US household financial obligations as a percent of household income (through 3Q 2011). Source: Bureau of Labor Statistics, Federal Reserve Board and Haver Analytics US Capex vs. Depreciation* 12

14. AllianceBernstein.com US Housing Drag Expected to End Historical analysis does not guarantee future results. Through December 30, 2011 Source: Haver Analytics, US Census Bureau and AllianceBernstein Average Rate of Household Formation 1.3 million Thousands 13

15. AllianceBernstein.com Fear Drives Higher Correlation, Creating Distorted Valuations Historical analysis does not guarantee future results. Left Chart: Through December 31, 2011. Right Chart: Through December 31, 2011 *Correlation using rolling daily returns over 30 days. Correlation is a statistical measure of how two values move in relation to each other. Individuals cannot invest directly in an index. Please see the end of the presentation for index definitions. **Global developed large-cap stocks; represents the ratio of the most expensive quintile to the least expensive quintile of stocks. To provide a clear context on current equity valuation levels, data have been truncated to exclude the peak of the Internet bubble, when valuations surged to extreme levels. Source: Center for Research in Security Prices, Credit Suisse, MSCI, Standard & Poor’s and AllianceBernstein Intra-Market Correlations Reach New Heights*Value Distortions at Historic Levels Ratio (×) Tech Bubble (Truncated) Global Financial Crisis Global Equities Q5/Q1 Price/Book Spread** MSCI World S&P 500 Ratio 14

16. AllianceBernstein.com Small- and SMID-Cap Equities Remain Strategically Attractive Average Annual Total Return During Small-Cap Bull Markets** Index Performance* 15 36.8% 30.9% 15.2% 5.1% Historical analysis and past performance do not guarantee future results. *Through December 31, 2011 Individuals cannot invest directly in an index. Please see the end of the presentation for index definitions. **As of September 30, 2011. Source of historical returns: CRSP ®, Center for Research in Security Prices. Graduate School of Business, The University of Chicago, used with permission. All rights reserved. www.crsp.uchicago.edu. The performance has been calculated by BofA Merrill Lynch Small Cap Research. All rights reserved. Source: BofA Merrill Lynch Small Cap Research, CRSP, Russell Investment Group, Standard & Poor’s and AllianceBernstein Russell 2000 Russell 2500 S&P 500

17. AllianceBernstein.com Equity Income: Yields Now Match Treasuries and Have Grown over Time Current analysis and past performance do not guarantee future results. *Through December 31, 2011 Source: Bloomberg, BLS, Standard & Poor’s, US Treasury and AllianceBernstein S&P 500 Dividend Yield vs. 10-Year US Treasury Yield* Dividend Growth Rate Consumer Price Index 1972–2010 Annual S&P 500 Dividend Growth vs. Inflation S&P 500 Yield Greater US Treasury Yield Greater 16

18. AllianceBernstein.com Why Not Simply Invest in the Highest-Yielding Stocks? Current analysis and past performance do not guarantee future results. *January 1978 – November 2011; excludes non-dividend payers; annualized 36 month performance by quintile of dividend yield relative to the average return of the largest 1,500 US stocks. Source: AllianceBernstein 1st 2nd 3rd Highest Yield Doesn’t Necessarily WinHighest Yield Is Not Most Resilient Highest Yield Annualized Excess Return 1st 2nd 20072008 Annualized Excess Return Lowest Yield 17 Long-Term Excess Return by Dividend Yield Quintiles*Down-Market Excess Return by Dividend Yield Quintiles 4th 5th

19. AllianceBernstein.com Inflation Spikes Can Decimate Traditional Stock/Bond Portfolios US Inflation and Negative 60/40 Real Returns Rolling 10-Year Annualized Negative 10-Yr 60/40 Real Returns WWI SpikeWWII Spike1970s Spike Deflation Inflation Past performance does not guarantee future results. This is a hypothetical example and is not representative of any AllianceBernstein product. An investor cannot invest directly in an index or average and they do not include sales charges or operating expenses associated with an investment in a mutual fund, which would reduce total returns. The portfolio comprises 60% stocks and 40% bonds; stocks are represented by the S&P 500 (with a Global Financial Data extension) and bonds by 10-year Treasuries. Inflation is measured by US CPI, US City Average, all items, not seasonally adjusted, through December 2010. Source: Global Financial Data, US Bureau of Labor Statistics and AllianceBernstein 18

20. AllianceBernstein.com Dynamic Management Is Critical to Navigating Inflation Cycles Historical analysis does not guarantee future results. Individuals cannot invest directly in an index. Diversification does not eliminate the risk of loss. December 1972–June 2011 Data reflect averages of rolling one-year total returns measured quarterly. High (Low) Inflation represents periods where trailing one-year inflation rate was higher (lower) than its 1972–2011 average. High (Low) Growth represents periods where real GDP growth was higher (lower) than its 1972–2011 average. Inflation is measured by US Consumer Price Index, US City Average, all items, not seasonally adjusted. Growth is represented by US Real Gross Domestic Product, seasonally adjusted. Real Estate Stocks represented by NAREIT US Equity REIT Index. Natural Resource Stocks represented by equally weighted Energy and Metals equity sector returns (rebalanced monthly) from Ken French Data Library through 1998 and by MSCI ACWI Commodity Producers Index thereafter. Commodities represented by S&P GSCI Commodity Index through 1991 and by DJ-UBS Commodity Index thereafter. Diversified Equities represented by MSCI World Index. Individuals cannot invest directly in an index. Please see the end of the presentation for index definitions. Source: Bloomberg, Dow Jones, Ken French Data Library, MSCI, NAREIT, St. Louis Federal Reserve, Standard & Poor’s and AllianceBernstein Low Growth/Low InflationLow Growth/High Inflation High Growth/Low InflationHigh Growth/High Inflation Growth Inflation Average Annual Real Returns -6.3% 10.1% 5.0% -7.8% Real Estate Stocks CommoditiesNatural Resource Stocks Diversified Equities 19

21. AllianceBernstein.com High-Yield Corporate Bonds Historically Produce Equity-like Returns Higher Yield, Higher Return PotentialBetter Risk/Return Trade-off 20 Scenario Excess Expected Return Spreads remain unchanged7.0% Spreads narrow 100 b.p. 11.53% Spreads narrow to long-term average 14.33% Spreads widen another 100 b.p. 2.47% +1 Std. Dev. –1 Std. Dev. Avg. WorldCom/ Enron Historical analysis and current estimates do not guarantee future results. *Represented by the S&P 500 **Represented by the Barclays Capital US Corp. High Yield Index Right chart: Spreads are option adjusted. Average and standard deviation are for January 1995 through September 30, 2011. Expected return calculations are highly simplified and for illustrative purposes only. Assumptions: 12-month horizon; 4.53-year duration; change in spread (if any) occurs on last day of period. Source: Barclays Capital, Standard & Poor’s and AllianceBernstein

22. AllianceBernstein.com 21 High-Yield Municipals Remain Inexpensive Past performance and historical analysis do not guarantee future results. Average and standard-deviation range are from 1995 through December 30, 2011. Spreads are to 10-yr AAA municipals. Expected return calculations are highly simplified and for illustrative purposes only. Assumptions: 12-month horizon; 8.5-year duration; change in spread (if any) occurs on last day of period. Source: Barclays Capital, Municipal Market Data Corp. and AllianceBernstein Yield Advantage of Municipal High-Yield Debt Relative to AAA Municipals (Basis Points) Scenario Spreads widen 100 b.p. Spreads narrow to long- term average WorldCom/ TMT Crisis Spreads remain unchanged -3.5% 5.0% 21.4% Underperformance of Real Estate Bonds 1-Year Excess Return vs. AAA +1 Std. Dev. –1 Std. Dev. Average Post-9/11 Decline in Airline Bonds Global Financial Crisis Spreads narrow 100 b.p.13.5%

23. AllianceBernstein.com 22 “Roll” from AAA Municipals Municipals: Roll* Even More Valuable When Yield Curve Is Steep Past performance and current analysis do not guarantee future results. As of December 30, 2011 *Roll, or “rolling down the yield curve” refers to the expected price change of a bond as it ages; i.e. as its maturity shortens, its yield to maturity must fall/rise (and the bond’s price change accordingly) to reflect the respective shorter maturity’s yield. Source: Municipal Market Data Corp. and AllianceBernstein estimates for AAA-rated, callable municipal bonds AAA Municipal Yields Differential Between One-Year and 20-Year Bonds Average AAA Municipal vs. Treasury Yield Curve Treasury AAA Municipals

24. AllianceBernstein.com 23 States Can Pay Their Debts 23 Strategies Used by States to Reduce Budget Gaps Fiscal 2011 *Includes user fees, higher education-related fees, court-related fees, transportation/motor vehicle-related fees and business-related fees. **Gross State Product is represented by personal income. ***Greece data for 2010 from CIA World Fact Book. State data from Moody’s as of May 2011. Source: Bureau of Economic Analysis, Eurostat, The Fiscal Survey of States, Fall 2010 and Spring 2011, state financial reports; Hellenic Republic Ministry of Economy and Finance, National Association of State Budget Officers, National Governors Association and AllianceBernstein Number of States States Are Not Drowning in Debt Like Greece Government Debt Outstanding as a Percent of GDP or GSP**

25. AllianceBernstein.com 24 High-Grade Bond Strategies: Exploit Roll and Global Opportunities Past performance and current analysis do not guarantee future results. As of December 28, 2011 *These returns are for illustrative purposes only and do not reflect the performance of any fund. Diversification does not eliminate the risk of loss. Returns represented by respective Barclays Capital country bond indices. An investor cannot invest directly in an index or average and they do not include sales charges or operating expenses associated with an investment in a mutual fund, which would reduce total returns. Source: Barclays Capital, Bloomberg, Haver Analytics, National Accounts, US Department of the Treasury and AllianceBernstein Yield Curves Are Extremely Steep Developed-Market Yields Percent 4.47.08.410.0 2010 US Treasuries 5.9 Canada 5.6 Euro Area 1.0 UK 7.2 Australia 0.3 Japan 2.9 Japan 7.8 2008 Euro Area 8.4 Canada 11.7 US Treasuries 13.7 Japan 6.7 UK 10.4 Australia 15.1 2006 Canada 4.6 Japan 5.3 Euro Area 1.8 UK 0.9 Australia 1.2 US Treasuries 3.1 Canada 5.7 Euro Area 3.1 UK 4.7 US Treasuries 9.0 Australia 2.0 20072009 Euro Area 4.1 Canada –1.9 US Treasuries –3.6 Japan 1.4 UK –1.6 Australia –5.9 2009 6.9 Best Worst Gap between best and worst 2011 US Treasuries 9.6 Canada 8.2 Euro Area 2.6 UK 15.8 Australia 8.4 Japan 2.5 13.3 Country Returns Vary Significantly Across Cycles Fixed-Income Country Returns Percent (USD Hedged*)

26. AllianceBernstein.com Currency Remains Volatile US Dollar Has Weakened over the Past Decade Historical analysis does not guarantee future results. *Purchasing Power Parity – weighted returns **Historic volatility of developed currencies and historic volatility of the Barclays Capital Global Aggregate hedged to US dollars Through November 30, 2011 Source: Barclays Capital, JPMorgan and AllianceBernstein Currency Volatility Overwhelms Bond Volatility The US Dollar May Have Reached An Inflection Point Currency Volatility Remains Elevated Index Percent 25 US Dollar vs. Basket of Developed Currencies*Historic Volatility** Currency Currency-Hedged Global Bonds

27. AllianceBernstein.com The Big Picture  Stocks attractive based on long-term valuations, but volatility detracts in near term  We expect the global economic recovery to continue despite near-term risks, including potential policy errors and recent recession in Europe  Today’s markets present attractive investment opportunities:  While our view is that equities should be underweight strategic targets, equity income and small/SMID cap strategies are promising  Real-asset and high-yield strategies today offer equity-like return potential with low correlation  Municipals are attractive relative to taxable bonds  High-grade bonds should be managed globally and to exploit roll Diversification does not eliminate the risk of loss. As of December 29, 2011 26

28. AllianceBernstein.com 27 Index Descriptions  Standard & Poor ’ s Index (S&P 500) Widely regarded as the best single gauge of the US equities market, this world-renowned index includes a representative sample of 500 leading companies in leading industries of the US economy. Although the S&P 500 focuses on the large-cap segment of the market, with more than 80% coverage of US equities, it is also an ideal proxy for the total market. The S&P 500 is part of a series of US indices that can be used as building blocks for portfolio construction. With close to $1 trillion in indexed assets, the S&P US indices have earned a reputation of being not only leading market indicators, but also investable portfolios designed for cost-efficient replication or the creation of index-linked products. (represents US Large Cap on slide 1)  The S&P GSCI (formerly the Goldman Sachs Commodity Index) serves as a benchmark for investment in the commodity markets and as a measure of commodity performance over time.  Morgan Stanley Capital International (MSCI) World Index is a market capitalization–weighted index that measures the performance of stock markets in 24 countries.  MSCI ACWI Index is a free float–adjusted market capitalization–weighted index designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI consists of 45 country indices comprising 24 developed and 21 emerging market country indices.  MSCI EAFE Index (Europe, Australasia, Far East) is a free float–adjusted market capitalization index that is designed to measure developed market equity performance, excluding the US and Canada. As of April 2002, the MSCI EAFE Index consisted of the following 22 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.  MSCI Emerging Market Index is a free float – adjusted market capitalization index designed to measure equity market performance in the global emerging markets. It consists of 21 emerging market country indices. (represents EM on slide 1)  MSCI USA Index is a free float – adjusted market capitalization index designed to measure large- and mid-cap US equity market performance. The MSCI USA Index is member of the MSCI Global Equity Indices and represents the US equity portion of the global benchmark MSCI ACWI Index.  MSCI Commodity Producers Index is free float–adjusted market capitalization–weighted index comprised of commodity producer companies based on the Global Industry Classification Standard (GICS ® ).  Barclays Capital Global Emerging Markets Index represents the union of the USD-denominated U.S. Emerging Markets Index and the predominately EUR-denominated Pan Euro Emerging Markets Index, covering emerging markets in the following regions: Americas, Europe, Middle East, Africa, and Asia. As with other fixed income benchmarks provided by Barclays Capital, the index is rules-based, which allows for an unbiased view of the marketplace and easy replicability. (represents EM Debt on slide 1) Following are descriptions of the indices referred to in this presentation. It is important to recognize that all indices are unmanaged and do not reflect fees and expenses associated with the active management of a mutual fund portfolio. Investors cannot invest directly in an index, and its performance does not reflect the performance of any AllianceBernstein mutual fund.

29. AllianceBernstein.com 28 Index Descriptions (continued)  Barclays Capital Global Aggregate–Corporate Bond Index tracks the performance of investment-grade corporate bonds publicly issued in the global market found in the Global Aggregate. (represents Global Corp on slide 1)  Barclays Capital Global High-Yield Index provides a broad-based measure of the global high-yield fixed-income markets. The Global High-Yield Index represents the union of the US High-Yield, Pan-European High-Yield, US Emerging Markets High-Yield, CMBS High-Yield and Pan-European Emerging Markets High-Yield Indices. (represents Global High Yield on slide 1)  Barclays Capital Municipal Bond Index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market. (represents Municipals on slide 1)  Barclays Capital US Corporate High Yield Index–2% Issuer Capped Bond Index covers the USD-denominated, non-investment-grade, fixed-rate taxable corporate bonds that are classified as high yield in the middle rating of Moody’s, Fitch and S&P is Ba1/BB+/BB+ or below. Excludes Emerging Markets. Caps issuers at 2%.  Barclays Capital US Treasury–US TIPs Index consists of Inflation-Protection securities issued by the US Treasury. (represents TIPS on slide 1)  Barclays Capital US Treasury Index includes fixed-rate, local currency sovereign debt that make up the US Treasury sector of the Global Aggregate Index. (represents US Gov’t on slide 1)  Barclays Capital Japan Treasury Index includes fixed-rate, local currency sovereign debt that make up the Japanese Treasury sector of the Global Aggregate Index. (represents Japan Gov’t on slide 1)  Barclays Capital Euro Treasury Index includes fixed-rate, local currency sovereign debt that make up the Euro Treasury sector of the Global Aggregate Index. (represents Euro Gov’t on slide 1)  Barclays Capital Canada Treasury Index includes fixed-rate, local currency sovereign debt that make up the Canadian Treasury sector of the Global Aggregate Index.  Barclays Capital Euro Area Treasury Index includes fixed-rate, local currency sovereign debt that make up the Euro Area Treasury sector of the Global Aggregate Index.

30. AllianceBernstein.com 29 Index Descriptions (continued)  Barclays Capital United Kingdom Treasury Index includes fixed-rate, local currency sovereign debt that make up the United Kingdom Treasury sector of the Global Aggregate Index.  Barclays Capital Australia Treasury Index includes fixed-rate, local currency sovereign debt that make up the Australian Treasury sector of the Global Aggregate Index.  DJ-UBS Total Return Commodity Index is an index consisting of exchange-traded futures on 19 physical commodities that are weighted to account for economic significance and market liquidity. (represents Commodities on slide 1)  FTSE EPRA/NAREIT Global Real Estate Index is designed to represent general trends in eligible real estate equities worldwide. (represents Global REITS on slide 1)  FTSE NAREIT US Equity Reit Index is designed to represent general trends in eligible real estate equities in the US.  Russell 2000 Index measures the performance of the small-cap segment of the US equity universe. It is a subset of the Russell 3000 ® Index representing approximately 8% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. (represents US Small Cap on slide 1)  Russell 2500 Index measures the performance of the small- to mid-cap segment of the U.S. equity universe, commonly referred to as "smid" cap. The Russell 2500 is a subset of the Russell 3000 ® Index. It includes approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership.

31. AllianceBernstein.com AllianceBernstein ® and the AB logo are registered trademarks and service marks used by permission of the owner, AllianceBernstein L.P. ©2012 AllianceBernstein L.P. www.alliancebernstein.com 12-0039